Why and How to Develop Compassionate Business-Savvy AuD Students.

Doctorpreneurs of Audiology

This CAPCSD presentation provided courtesy of Fuel Medical Group

Welcome from:Brian Taylor, AuD

Brian Taylor, AuD is Director Scientific and Product Marketing at Sivantos Group. He is the former Director of Clinical Audiology for Fuel Medical Group. Brian also serves as an adjunct professor at A.T. Still University School of Healthcare Sciences and editor of Hearing Health Technology Matters and of Audiology Practices. Brian brings 25 years of clinical, publishing,lecturing, research, and management experience to the presentation.

Don Nielsen, PhD

Don Nielsen, Ph.D. has been Director, Audiology Clinic and Translational Research at Northwestern University and Professor and Chair of Speech and Hearing Department Washington University, Saint Louis. He currently consults with Fuel Medical Group as University Audiology Advisor, on an NIH grant with Northwestern University and Mayo Clinic Florida and as an adviser for Hearing Forward.

Learning Objectives

By the end of this session you should be able to:1. Understand the need and desire for developing

compassionate business –savvy skills in your students.

2. Teach doctorpreneurship skills to your students.3. Model doctorpreneurship procedures in the clinic.

Doctorpreneurs of Audiology are needed to usher in a New Era of Audiology.

1. What is a Doctorpreneur and Why does it matter?

Why the World Needs Doctors with These 3 Qualities, Govindarajan & Ramamurti, Harvard Business Review, August,07,2018

Themes

Audiology is experiencing drastic change.

Drastic change creates estrangement from historic truths and generates a need for the birth of new truths and a new identity.

The way that need is satisfied determines whether the process of change runs smoothly or is attendant with convulsions and explosions.

We hope to smooth that transition.

Why are Doctorpreneurs

important?

“Almost every high-performing health care organization we studied was led by a medical professional (something academic research has also found)…these doctors are not just medical experts; they also have other qualities that make them very effective leaders. We call these individuals “Doctorpreneurs,” and believe they are key to fixing the problems of the health care industry.”- Vijay Govindarajan & Ravi Ramamurti*

*Why the World Needs Doctors with these 3 Qualities, Harvard Business Review August 07, 2018

Doctorpreneur of Audiology

COMPASSION BUSINESS DISCIPLINE

CLINICAL EXCELLENCE

Compassion

• Clinical Excellence you know• Business Discipline we will discuss in some detail• Compassion: Historically academic audiology clinics were the most

compassionate offering free services• Doctorpreneurs are compassionate people who believe they have the

responsibility to use their training to serve as many people as possible. This motivates them to be concerned about access and affordability. They view health care as a human right and that if a solution is not affordable, it is not a solution.

Why does it matter?

CHANGES IN HEALTH CARE AND THE GROWTH OF POWERFUL BUSINESS-

SOPHISTICATED COMPETITION REQUIRE THAT LEADERS GUIDING

THE FUTURE OF AUDIOLOGY BE MORE

THAN GREAT CLINICIANS.

HISTORICALLY, MASTERS LEVEL AUDIOLOGISTS

WHO WANTED TO BECOME LEADERS IN

AUDIOLOGY WENT ON TO OBTAIN A PH.D., WHICH IS

A SCIENCE DEGREE. THAT HELPED WITH

ASSURING THAT AUDIOLOGY WAS AN

EVIDENCE-BASED MEDICAL PROFESSION,

BUT IS INADEQUATE FOR DEALING WITH THE NEW

ERA OF AUDIOLOGY.

NOW CLINIC DIRECTORS AND OTHER AUDIOLOGY LEADERS MUST BE ABLE TO BALANCE BOTH THE BUSINESS AND CLINICAL

SIDES OF THE PROFESSION.

MYTH*

• If you understand the technical work of a business, you understand a business that does technical work.

• NOT TRUE

• If you understand audiology patient care, you understand an audiology clinic that performs patient care.

• NOT TRUE• They are two totally different things!

*https://www.pdfdrive.com/the-e-myth-revisited-billionaire-belief-e13572111.html

The Entrepreneurial

Seizure

Many clinicians who are not owners of their practice eventually want to own their own practice or assume a managerial role

• But they are not well equipped to do so• AuD education equips them to work “in” their practice,

not “on” their practice• It is our responsibility to educate AuD students to work

both in and on a practice.

• We must educate Doctorpreneurs to be strategic thinkers who lead audiology in this New Era of Audiology.

Thankfully, this generation of AuD students have an interest in entrepreneurship and the business skills the New Era of Audiology demands.

2. How to instill strategic business thinking

“To be successful in your career you must be as well versed in the art and science of Business as you are in the art and science

of Audiology”- Brian Taylor: It took me at least a decade to learn this important lesson and it’s unfortunate that so many students have to learn this lesson on

their own.

Q2. Do you think there is a need for

more business education in AuD

academic programs?

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Yes No

90.48% of respondents agreed that there should be more business education in AuD education programs.

N = 21 Respondents

Fuel Survey

Audiology Value Chain

Testing & Diagnostics

Selection & Fitting

Follow-up & Counseling

Customer Value ChainSource: Unlocking the Customer Value Chain, Thales Teixeira, 2019

Customer Pain Points

Search costs

Purchase costs

Usage costs

Follow-up costs

Instilling Strategic Thinking

Know the basic operational numbers of a clinicKnow

Seek input from business leadersSeek

Have a plan for the futureHave

Know the operational numbers of a clinic

What is the average reimbursement rate for comprehensive audiometry (92557)?

What is the pathway to generating $100K in annual salary?

How many patients need to be seen to generate $100K in salary?

How many hearing aids need to be dispensed each month to meet this target?

How much time can I spend with each patient to maximize their outcome?

Seek input from business leaders

Students need to interact directly with business managers

Conduct round tables and Q&As: • Manufacturer’s reps (Signia) • Buying group or business development group reps (Fuel) • Equipment vendors (E3) • Managed care specialists (TruHearing) • Retail chain CEOs (Connect Hearing)• Local hospital or clinic CEOs• Consumer advocacy groups (HLAA)• Audio engineers (Knowles) • Start-ups (Listen Lively, Nuheara, or HearingForward)

Q3. Would you look favorably on Fuel providing business education content for your students?

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

No

Yes

90% of respondents looked favorably on Fuel providing business education for their students.

Respondents N=20

Fuel Survey

Have a plan for the future

• Use data to make reasonable predictions about future consumer behavior

• How will Aging Baby Boomers change the market place?

• What will be the impact of OTC products?• How will telecare be used to reduce

customer pain points?• How will AI be used in hearing aids or in the

diagnostic process to reduce errors?• What will unbundled services look like?

Successful academic clinics that will thrive going forward will be quad-purpose committing to clinical excellence, compassion, AuD education, and business

3. Assimilating Doctorpreneur practices and procedures into an academic clinic

The Dual-Purpose Playbook, Battilana, et. al. Harvard Business Review March-April 2019

Academic Audiology Doctorpreneurship

Compassion

Business Discipline

Clinical Excellence

Educate for the Future

Business DisciplineCompassion

Clinical Excellence

Doctorpreneur of Audiology Academic Doctorpreneur

To adjust to the New Era of Audiology, academic programs must fight the inertia of inherited ways of thinking and behaving!Here is a start

Four key management practices for quad-purpose academic clinics.

Setting and monitoring quad-purpose goals

Structuring the clinic and department to support four goals

Hiring and socializing employees to embrace all four goals

Practicing quad-minded leadership

Setting and monitoring quad-purpose goalsIt takes upending the academic clinic model to enact quad-purpose goals

Setting goals• Well-constructed goals communicate what matters and can

highlight what’s working and what’s not

• First do the research. Develop a deep understanding of the specific business, clinical excellence, forms of compassion, and student needs, and how they might interact.

• Involve intended beneficiaries, stake holders and experts.

• Set goals that are explicit and enduring

Setting and monitoring quad-purpose goalsA learning mindset is essential for developing and using KPIs

Monitoring progress• Identify and adapt key performance indicators (KPIs) to measure

specific clinic, business, compassion, and education targets

• Our experience has found academic clinics succeed by dedicating substantial time and effort to developing a manageable number of trackable metrics and reviewing them regularly to assess their continuing relevance and adequacy.

• Update KPIs monthly with clinic faculty and staff, and administration.

• Discuss goals, milestones and KPIs quarterly with administration, and department faculty, staff, and students in a public forum

Structure the clinic and department to support four goals:Clinical Excellence, Business Competence, Compassion, and Quality

Education

Aligning activities and structure

It is impossible to succeed on business, patient-care, compassion, and educational goals if the clinic and department are not designed to support all four.• Create an integrated organizational structure that creates

educational, patient-care, compassion, and business values• Train managers to have more than one expertise• Supplement organizational structures with processes for

identifying and working through tensions between goals.

• Involve business school volunteers in academic, and clinic business and strategic planning.

A quad-purpose focus requires a workforce with shared values between, clinical excellence, compassion, finances, and student education.

Hiring and socialization

Every employee needs to understand, value and become capable of contributing to financial, patient-care, compassion, and educational goals in some form.• Hire managers who have more than one expertise• Provide a daylong training that clarifies the interrelatedness

of clinic and department financial, patient-care and AuD educational aspects and provides a shared language for discussing tensions and priorities.

• Train clinicians and students in business through university and online courses

Students must understand the shared values, between patient-care, compassion, and finances to succeed in the New Era of Audiology.

Recruiting and involving students• Recruit AuD students with business, education, and other diverse

backgrounds• Give AuD students the opportunity to learn the importance of

business and education, in addition to patient care and compassion, by involving them in

• Department quarterly meetings to discuss clinic goals, milestones, and KPIs• Meetings & business lectures with business development partner( Fuel

Medical)• Marketing project designs and ROI measures of success (Capstone project?)• Job shadowing of non-audiology positions such as business manage and

receptionist• PCP visits and lunch and learns.• Teaching first year AuD students and training undergraduate audiology

students to be audiology assistance.

Practicing quad-minded leadershipStrategic decisions should embody all four goals

Making decisionsTensions involving competition for resources and divergent views about how to reach goals crop up on the path to achieving quad-purpose goals

• Decisions resolving such tensions provide a measure of leaders’ commitment to achieving those goals

• Resource allocation also is a measure of leaders’ commitment to achieving those goals

• Weekly clinic meetings allow anyone to pose a question if they feel practices don’t align with mission, values and balance among all four goals

External Advisory GroupRecruit knowledgeable, honest, straight forward, members from

great programs and representing all four purposes

Engaging an advisory group• Advisory boards can serve as guardians of the quad-purpose

leadership and decision making

• Participate in strategic planning• Annually assess progress on strategic milestones• Review strategic decisions

• Discuss ongoing and upcoming strategic decisions• Gain insights, reduce errors and false starts• Create ambassadors

Doctorpreneur of Audiology

Compassion

Business Savvy

Clinical Excellence

Thank you!

Questions and Discussion??Additional questions, suggestions, and request? Visit Fuel Medical’s CAPCSD booth or contact dnielsen@fuelmedical.com